"Licenses & Profits"
Okay, the secret is out. I am currently studying for my bar exam. In the process, I must study real property law and other areas of law that pertain to real estate and may be helpful to a real estate or land investor. I figured since I was studying anyways, I might as well put each topic one video at a time. I also started a YouTube channel which can be seen here.
License. A license gives someone the right to enter and use the property of another for a particular purpose. Examples of this include when you walk into a store or commercial enterprise because it is open to patrons. In fact, the business has given you the license to enter the real estate. A license can be written or implied. It is not an interest in land and generally can be revoked at any time.
Profit. Interest in real property to take natural interest in the property of another. This is the case is mineral rights such as timber, oil, gas or other minerals. If you establish an agreement to take sell the rights to the trees on your 10 acres; in essence you are making a profit agreement.